Hyperloop One has received $85 million from investors as part of a new round of funding, bringing the total amount the company has raised to $245 million. The company is now worth more than $700 million.
Hyperloop One announced the conclusion of a new round of funding on September 21, revealing an additional $85 million was received from investors, including DP World, Caspian VC Partners, WTI, and OurCrowd.com. This new investment puts the company at $245 million raised since it was launched in 2014.
As reported by Recode, this also brings Hyperloop One’s total valuation to $700 million.
“We initially targeted $50 million and ended up raising $85 million instead,” said Hyperloop One co-founder Shervin Pishevar in a statement. “We’ve proven that our technology works and that Hyperloop One is the only company in the world that has built an operational Hyperloop system. As we move towards the commercialization of our technology, we’ll continue to work with governments and embrace public-private partnerships to re-imagine transportation as we know it.”
The announcement came nearly a week after Hyperloop One’s Global Challenge ended and the company revealed the 10 potential routes for its transportation system, including Chicago-Columbus-Pittsburgh (U.S.), Miami-Orlando (U.S.), Toronto-Montreal (Canada), and Edinburgh-London (UK).
Hyperloop One isn’t the only company making progress on the hyperloop concept. In August, Tesla CEO Elon Musk stated his Boring Company received permission to extend its test tunnel, and has also been approved to begin building a hyperloop tunnel from New York to Washington D.C. The latter, however, was later revealed to only have been a verbal approval, and that it would need more time before becoming official.